Azimut raises net profit guidance after quarterly earnings beat
Recasts paragraph 1, adds detail in 3-8
Nov 7 (Reuters) -Italian asset manager Azimut Holding AZMT.MI has raised its 2024 net profit guidance to 550-600 million euros ($594-648 million) from its previous estimate of 500 million euros, its Chairman Pietro Giuliani said in a statement on Thursday.
The company also posted a better than expected third-quarter net profit of 115.2 million euros. Analysts had expected quarterly net profit of 109 million euros in forecasts compiled by the company.
Revenue was up 9.5% in the third quarter to 352.5 million euros as recurring fees, the company's main source of revenue, rose 8% to 308.7 million.
On Wednesday, Azimut reported net inflows of 14.3 billion euros for the first ten months of the year, exceeding full-year guidance of 14 billion euros.
The company had already raised the inflows guidance in August, when it had exceeded the 7 billion euros estimate provided in January.
At 1320 GMT, the stock was up 3.5% at 23.28 euros, in line with other Italian asset managers after Banco BPM BAMI.MI bid on Wednesday for Anima Holding ANIM.MI, which was up 10.5%
As of Wednesday's close, Azimut shares were up 4.9% year-to-date.
($1 = 0.9265 euros)
Reporting by Alberto Chiumento in Gdansk; Editing by Milla Nissi and Mark Potter
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